Investment Rating - The report maintains a "Buy" rating for GCL-Poly Energy (002015) with a target price of 9.18 CNY over the next six months, compared to the current price of 7.30 CNY [1]. Core Insights - The company experienced a significant decline in net profit in 2024, primarily due to asset impairment losses and reduced gains from equity disposals. However, the first quarter of 2025 showed a strong recovery in revenue and net profit, driven by increased income from distributed photovoltaic and energy storage projects, as well as lower fuel prices [8][9]. - GCL-Poly is focusing on optimizing its asset structure and enhancing its core combined heat and power business while expanding its renewable energy projects. As of Q1 2025, the total installed capacity was 5,978 MW, with renewable energy accounting for 58.23% of total generation capacity [8][9]. - The company is also deepening its energy service offerings, particularly in energy efficiency and trading services, with significant growth in distributed photovoltaic projects and virtual power plant services [8][9]. Financial Summary - For 2024, GCL-Poly reported revenues of 9,796.41 million CNY, a decrease of 3.42% year-on-year, and a net profit attributable to the parent company of 489.04 million CNY, down 46.20% year-on-year. The first quarter of 2025 saw revenues of 29.33 million CNY, up 21.49% year-on-year, and a net profit of 2.54 million CNY, up 35.15% year-on-year [3][8]. - The forecast for 2025-2027 indicates a recovery in net profit, with estimates of 823.36 million CNY in 2025, 962.18 million CNY in 2026, and 1,190.87 million CNY in 2027, corresponding to a dynamic PE of 14.4, 12.3, and 10.0 respectively [9][10]. - The company is expected to achieve a revenue growth rate of 1.07% in 2025, followed by 23.21% in 2026 and 26.35% in 2027, with a projected total revenue of 12,199.53 million CNY in 2026 and 15,413.77 million CNY in 2027 [3][9].